Page 69 - UNION PROPERTIES PR REPORT- December 2024

12/26/24, 9:14 AM Union Properties breaks ground on its AED 2 bn Dubai-based development

#2- Dubai’s real estate market is getting a Nordic twist as

homegrown developer Nordic by fäm gears up to launch ten Nordic-
themed villas and mansions by 2Q 2025, part of a AED 1 bn project

that seeks to lure foreign investors, according to a press release.

Fäm Lux, the company’s luxury division, is eyeing AED 10 bn in

sales next year. This comes after Nordic by fäm fold its first two villas
earlier this year for AED 61.5 mn and AED 70 mn.

LOGISTICS-

#1- Al Seer Marine expands fleet with two me dium-range tankers:
Abu Dhabi-based Al Seer Marine added two medium-range tankers,

MT Saiph and a sister vessel, to its fleet as part of a six tankers order
from K Shipbuilding Korea, according to a press release (pdf ). The oil

and chemical tankers are capable of carrying six different grades of
cargo and can run on alternative fuels like liquified natural gas,

ammonia, and methanol. Both vessels secured five-year charters with
Reliance Industries DMCC worth USD 42 mn per ship.

The delivery was financed by a USD 80 mn credit facility from

China-based Bank of Communications Financial Leasing Co. (Bocom
Leasing). Another facility of the same size was secured with the bank

in August for the first tranche of the order, which included medium-
range tankers Betelgeuse and Bellatrix. Al Seer expects to receive the

remaining two tankers of the order in January 2025.

#2- Drydocks World opens multi-mn USD expansion in Dubai: DP

World marine and ship repair services subsidiary Drydocks World
inaugurated a multi-mn US D expansion facility which will boost the

company’s fabrication capacity by 40% and yard capacity by 25%,
according to a statement from the Dubai Media Office.

The 75 k sqm South Yard was built to handle comp lex projects, like
converting floating production storage and offloading vessels, building
topsides for offshore platforms, and setting up high-voltage alternate

current (HVAC) and high-voltage direct current (HVDC) converter

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